7 .GDP - GDP: Measuring Total Production Income - Business...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
GDP: Measuring Total Production Income - Business Cycle – alternating periods of economic expansion and economic recession - Expansion – the period of a business cycle during which total production and total employment are increasing - Recession – the period of business cycle during which total production and total employment are decreasing - Economic Growth – the ability of an economy to produce increasing quantities of goods and services - Inflation Rate – the percentage increase in the price level from one year to the next - Gross Domestic Product (GDP) – the market value of all final goods and services produced in a country during a period of time typically one year The Word value is important in the definition of GDP - Final Good or Service – a good or service purchased by a final user - Intermediate Good or Service A good or service that is an input into another good or service, such as a tire on a truck GDP includes only production that takes place during the indicated time period
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/19/2012 for the course CIT 230 taught by Professor Staff during the Fall '08 term at Oakland University.

Page1 / 2

7 .GDP - GDP: Measuring Total Production Income - Business...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online